Possible Rent Hikes For Knitting Factory

Could it be curtains for the Knitting Factory?

The Tribeca music club has occuppied 11,000 square feet at 74 Leonard Street since 1994 at below-market rents. Those feet, along with the rest of 74 Leonard, is now on the sales market, according to brokerage Besen & Associates. Will a new landlord jack up the Knitting Factory’s rents to at least market-rate, possibly sending the club the way of CBGB and the Bottom Line? (The building was last sold in early 1994, according to PropertyShark.com, during a much different, largely less expensive era for Tribeca.)

Stay tuned. The Real Estate has calls and emails out to the club and to Besen.

Full release on the marketing of 74 Leonard after the jump.

UPDATE: The Real Deal reports that the Knitting Factory has a lease at 74 Leonard running into 2009.

UPDATE 2: Adelaide Polsinelli, a senior executive broker at Besen, emailed The Real Estate on Monday afternoon:

[A] new owner may want to keep them at a higher rent. They are not going the way of CBGB!

So there: We will have the Knitting Factor at 74 Leonard until at least 2009. Maybe longer.

- Tom Acitelli

March 27, 2007
Platinum Team Strikes Again!

Adelaide Polsinelli, Senior Executive Broker of the powerhouse Platinum Team, was recently appointed exclusive broker for the sale of 74 Leonard Street, a 27,000 square foot loft building, also known as the home of “The Knitting Factory”.

The building contains 18 decontrolled residential loft apartments, which includes two fabulous penthouse apartments. There is approximately 11,000 square feet of retail space currently all occupied by the club since 1994.

“In the heart of the ever exciting Tribeca neighborhood, this property stands to benefit with the vivacity of the area,” noted Polsinelli. “The proximity to the financial markets, below market rents and roughly 11,000 square feet of prime retail space, which includes “The Knitting Factory”, make this an aggressive play”, concluded Polsinelli.

The Knitting Factory is celebrating its 20th anniversary as a venue for alternative, avant-garde entertainment which includes a mixture of mediums performing at any given time in its multi-level club. Bands like Elysian Fields, Philly’s Igor’s Egg, and Royal Trux, are among the many who have performed here. With the closing of CBGB and The Bottom Line, The Knitting Factory, has grown in popularity with an incredible following.

Coming off the heels of their second office building sale this month, The Platinum Team, is gaining momentum in this fast-paced market. With twelve new exclusives, The Platinum Team is extremely busy.

For further information on this property contact team members, Adelaide Polsinelli, Laurence Ross or Ellen Volpe at 212-689-8488.